Quiz: Cross Elasticity of Demand - Substitutes vs Complements
AQA A level economics 7136 specification
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Building on what you've learned about price elasticity of demand and income elasticity of demand, let's explore cross elasticity of demand and its application to substitutes and complements!
What does a positive cross elasticity of demand indicate?
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Which of the following are examples of complementary goods? (Select all that apply)
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If two goods are {{blank0}}, an increase in the price of one will cause a decrease in demand for the other. An example is {{blank1}} and petrol.
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Match the items on the left with their correct pairs on the right
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Two substitute goods have a cross elasticity of demand of +2. If the price of one good rises by 10%, what percentage increase in demand will occur for the other good?
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What happens to the demand for a complementary good when the price of its paired good rises?
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Match the items on the left with their correct pairs on the right
Goods with a {{blank0}} cross elasticity of demand are substitutes, while goods with a {{blank1}} cross elasticity of demand are complements.
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Which statements about cross elasticity of demand are correct? (Select all that apply)
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